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Investors respond with enthusiasm to CubCrafters anticipated public offering

Download: Printable PDF Date: 01 Aug 2022 05:53 (UTC) categories:
Investors respond with enthusiasm to CubCrafters anticipated public offering - Finance publisher
Dana Ermolenko
Country: United States Aircraft: Airplanes

CubCrafters, the leading designer and manufacturer of Light-Sport, Experimental, and Part 23 Certified backcountry aircraft, announced at EAA annual AirVenture that it would invite outside investment for the first time in its 42-year history. In the first 48 hours since that announcement, over 1,000,000 shares of stock were reserved by potential investors excited for the CubCrafters Regulation A public offering.

Advised by Manhattan Street Capital, the company intends to offer preferred stock to its fans, customers, aviation enthusiasts, and the general public for a price of just $5 per share, with a minimum investment of only $400.

Almost immediately after announcement, potential investors lined-up to reserve the option to buy shares at the Issue Price. Reservations are non-binding and can be made through the dedicated link: https://www.manhattanstreetcapital.com/cubcrafters

CubCrafters specializes in building best-of-class backcountry adventure airplanes. Their ability to meet pilots’ demand for faster, more powerful, technically capable, and enduringly rugged aircraft have fueled the company’s success, making them a leader in the space.

Patrick Horgan, CubCrafters’ President and CEO explained that backcountry aviation is growing ever more popular with increasing numbers of pilots, and CubCrafters unique Builder-Assist program, along with the company’s recent introduction of a new nosewheel landing gear configuration on their flagship XCub aircraft has contributed to strong sales. Despite increasing production, the company currently has an order backlog exceeding two years.

“It’s always great to be here at EAA AirVenture. We couldn’t think of a better venue to launch this effort. Hundreds of thousands of aviation enthusiasts, including many of our friends, fans and customers are here in Oshkosh this week, and the response has been overwhelmingly supportive,” stated Horgan. “This is a first step in our journey to fulfill the vision of our founder Jim Richmond, who envisioned CubCrafters becoming a publicly-traded company.”

“The level of enthusiasm on the part of investors has been remarkable. It’s a true testament to the reputation CubCrafters has earned over their 40 years in business,” said Rod Turner, CEO of Manhattan Street Capital.

“Reservations for over 10% of our $50M goal in only two days is just amazing. This level of interest from the aviation community and the general public tells us that they see real value in our company and want to help it grow,” said Brad Damm, CubCrafters’ Vice President of Sales.

“Backcountry aviation is increasing in popularity and the demand for our aircraft continues to grow. We want to build airplanes faster to reduce the amount of time a customer has to wait to get a new airplane, we want to improve service and support for our owners, and we want to accelerate our focus on new innovation. Our goal is to exceed our customers’ expectations,” Damm added.

This announcement is for the planned public offering of securities by CubCrafters, via the Reg A+ SEC exemption. Conversion of reservations into investments is contingent on the Securities and Exchange Commission qualifying the offering. The reservation period remains open at the $5 per share issue price.

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